Zach Rudisill Quoted in The Hill on IRS’s Expected Pass-Through Guidance
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Zach Rudisill, a member of Akin Gump’s public law and policy practice, was quoted by The Hill in the article “Lawmakers, businesses await guidance on tax law,” which reports on the IRS’s plans to issue guidance on new pass-through deduction included in the new tax law that could help determine the amount by which certain business owners can reduce their tax bills. The article reports that the guidance is for the 20 percent deduction for income from noncorpoate businesses.
Some of the information being sought from the IRS, according to the article, is clarity on the definition of a “service business,” since income derived from one can be ineligible for the deduction. Current law, the article says, defines a business as a service business if its main asset is the reputation or skill of one or more of its employees.
Rudisill, an aide to Sen. Rob Portman (R-OH) while the tax law was being developed, said it’s not that simple. “There’s no real definition around what that means,” he pointed out.
